How To Take Advantage Of Losing Your Job

Whether you lost your job due to downsizing, redundancy, or for any other reason that was beyond your control, your first thoughts may range from blind terror to fury and bewilderment to desperation. However, you can learn how to take advantage of losing your job.

Coming to terms with no longer having a job

Rather than suppressing distressing emotions, acknowledge, embrace, and then release them. They will not help you move forward until you let go of them.

No matter how much you consider their decision unfair or unjustified, it won’t change so accept it and move on. It probably had nothing to do with you as a person.

Here is the truth. Job loss is a common occurrence in modern culture. We live in a quickly changing world, and this is simply another type of change; change is the only constant we can truly expect.

So, while you did not expect this change, you might see it as a chance to rethink, reset, adjust, and gain a clear understanding of not only what is feasible for you, but also what could transform your life for the better.

How to cope with losing your salary

As well as being emotionally challenging, losing your job will lead you to having to reassess your finances. Hopefully, you will have received some monetary compensation to assist you in the short term. Whatever your new circumstances are you need to draw up a ‘to-do’ list.

1. Contact your local job centre or benefits agency and find out what benefits you may be entitled to. They should also be able to assist you with getting career advice, retraining and vacancies available. Consider any job even if it’s unrelated to anything you’ve done before. This displays to future employers your willingness to work and also makes you more creditworthy.

2. Complete a monthly budget planner and input all your regular incomings and outgoings. This will show you whether your current spending is sustainable and where you can make savings.

3. If you have concerns about your finances contact any debtors you have to discuss more affordable payment options.

4. If you need to borrow money as a stopgap shop around for the best deal. Don’t be tempted to load up your credit card as the interest rate will be expensive. A short-term loan is usually a better option but it will be easier to get if you’ve managed to find some kind of work even if it’s only part-time. Debt is only a problem when the repayments become unaffordable. So make sure you fully understand the terms of any loan deal before you sign.

If you can handle your finances sensibly, any hardship should only be short-term and a better future will be on the horizon.

If you’re in the fortunate position of not having immediate money worries after losing your job you will have more flexibility with your options moving forward.

So what happens next?

Perhaps consider a career break, learn a new skill or go on an adventure!

Follow these steps to plan your next move:

1. Decide on what you wish to avoid. An easy place to start is to consider what you DON’T want and then look at the opposite.

If you dislike commuting, choose a job that allows you to work remotely. Tens of thousands of people already do; why not you?

2. What is your chosen field of expertise? If you’re tired of that type of work, you might want to choose something completely new.

● Thousands of free online courses cover various skill sets. Sign up for as many as you need to get a sense of what’s available that may be a good fit for you.

3. Use your present hobbies to brainstorm new ideas. Consider everything that captures your attention. Start paying close attention to what intrigues and excites you. There could be anything within reach that you’ve been interested in for a while. For example:

● What are your favourite sections in the bookshop?

● What TV shows do you frequently watch?

● Which social media stories do you read and comment on the most?

Make detailed notes for a week or more. Then go back and review. Look for commonalities and decide whether or not to pursue what piques your interest.

You may discover positive opportunities that you would never have found if you hadn’t lost your job. So it really could be a blessing in disguise. So don’t fear your change of circumstance, embrace it!